Loan Delivery Job Aids

 

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Subordinate Financing - Related Loan Container for XML Import File

The purpose of this job aid is to provide additional information on data fields required in the new Loan Delivery applications for subordinated financing.

For detailed instructions on how to perform other tasks, see the Loan Delivery User Guide, eLearning tutorials, or other job aids. If you do not have access to Loan Delivery and require it, please contact your Technology Manager administrator.

How to Use the Table

The table provides a quick reference to the Loan Delivery fields applicable to the Related Loan container, as well as additional information to assist in delivering the fields.

Related Loan and Supporting Data

When building your loan delivery XML file for loans that contain other liens against the same property, a container must be sent in your file with a LoanRoleType of "Related Loan" to describe the related lien. (For descriptions of the various types of liens, see the "Lien Definition" section below). The data requirements are based on the lien position of the delivered loan.

Lien Definition

  • First Lien - A lien against the property that secures the mortgage(s), which is in first position. A first mortgage has priority over all other liens of claims on a property in the event of a default.

  • Concurrently Closed Second Lien - A second lien being closed concurrently with the first lien securing the loan that is being delivered to Fannie Mae.

  • Concurrent Lien - One of two (or more) liens over the same property.

  • Subordinate Lien - A second lien that already exists on the property and is being re-subordinated.

  • Related Lien - Any lien against the subject property securing a loan other than the loan being delivered.

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